PrivateBancorp's Stock Jumps On Heavy Volume After CIBC Raised Buyout Bid

Shares of PrivateBancorp Inc. ran up 4.3% toward record territory in active premarket trade Thursday, after Canadian Imperial Bank of Commerce raised its buyout bid for the Chicago-based bank. CIBC said it will raise the cash portion of its bid by $3 a share. Trading volume in PrivateBancorp shares spiked to 1.5 million shares ahead of the open, which already matched the full-day average. Based on Wednesday's closing prices, CIBC said the new bid values PrivateBancorp at $4.9 billion, which is 26% higher than when the original bid was announced on June 29, 2016. PrivateBancorp shares have soared 44% over the past 12 months through Wednesday, while the S&P 500 has gained 16%.